ORLEN third-quarter results: EU’s lowest fuel prices stabilise the Polish economy

“Our performance this quarter once again shows that the way we run ORLEN brings tangible benefits for people in Poland. Thanks to the CPN (‘Lower Fuel Prices’) programme, Polish motorists can now buy fuel at the lowest prices in the European Union. We are also well prepared for the coming winter, ensuring secure supplies of gas, electricity and fuel. We continue to expand our international presence, with revenue from foreign markets up by nearly 40%. We are maintaining the pace of investment, having committed PLN 7.8 billion to growth in the third quarter alone. Financial stability and consistent execution of our strategy enable us to invest in the future and strengthen energy security in Poland and across the region,” said Ireneusz Fąfara, President of the Management Board and CEO of ORLEN.

In the third quarter of 2026, the ORLEN Group generated:

• Revenue of PLN 80.1 billion
• LIFO-based EBITDA of PLN 14.8 billion
• Operating cash flow of PLN 12.8 billion
   

Segment performance

Upstream & Supply posted EBITDA of PLN 4.7 billion. Average daily hydrocarbon production during the quarter was 183 thousand barrels of oil equivalent (boe).

Downstream reported LIFO-based EBITDA of PLN 6.3 billion. The segment’s performance mainly reflected high combined crude throughput of 10.1 million tonnes across all of the Group’s refineries, as well as market conditions.

Energy generated EBITDA of PLN 2.7 billion, driven largely by a nearly 30% year-on-year increase in renewable electricity generation. Heat output and electricity and gas distribution volumes remained stable.

Consumers & Products, which brings together gas, electricity and fuel sales to end customers, generated EBITDA of PLN 1.5 billion. The ORLEN Group achieved this result by significantly improving profitability in foreign markets while maintaining fuel prices in Poland at the lowest level in the European Union.

“Our third-quarter results demonstrate ORLEN’s financial strength and its ability to consistently increase the Group’s value. We delivered this performance amid significant commodity price volatility and a rapidly shifting geopolitical environment. Against this backdrop, our advantages lie in our diversified operations, flexible asset management and disciplined capital allocation. These enable us to balance performance across our segments, maintain high operational efficiency and generate solid cash flow, giving us the capacity to pursue our ambitious investment programme. ORLEN is well prepared for changing market conditions and well positioned to translate its scale and capabilities into long-term shareholder value,” said Sławomir Jędrzejczyk, Vice President of the Management Board and CFO of ORLEN.

The ORLEN Group generated operating cash flow of PLN 12.8 billion in the third quarter, with a net debt-to-EBITDA ratio of −0.06x, underlining its financial stability. This is also reflected in the Group’s credit ratings, which remain at their highest-ever levels: A3 with a stable outlook from Moody’s and BBB+ with a stable outlook from Fitch.
 

Investing in energy security

The ORLEN Group continues to reinforce its position in the energy market by expanding its resource base, securing crude oil and gas supplies, and developing modern energy and fuel infrastructure. In recent months, the Group has reached further milestones that enhance energy security, improve competitiveness and support growth in new business areas.

In Upstream & Supply, ORLEN is increasing its production potential on the Norwegian Continental Shelf. An important step was the acquisition of an interest in the Afrodite field, which initial estimates suggested could provide the Group with nearly 2 billion cubic metres of natural gas. The potential of this investment has since proved substantially greater. The appraisal completed in October 2026 showed that the field’s recoverable resources were more than twice the original estimate, with ORLEN’s share of the gas now exceeding 4 billion cubic metres. ORLEN has also brought the Idun Nord, Alve Nord and Ørn fields on stream. Together, these fields will provide the Group with hydrocarbons equivalent to over 4 billion cubic metres of natural gas. These steps further strengthen the Group’s resource base and security of supply.

In Downstream, ORLEN continues to secure feedstock supplies for its refineries. The Group has signed a three-year agreement with Equinor for crude oil supplies from the Johan Sverdrup field. Annual deliveries could exceed 9 million tonnes, meeting up to a quarter of the Group’s requirements. ORLEN is also developing its own power generation capacity to support its refining operations. A 42 MW solar farm has been commissioned in Mažeikiai and will supply electricity directly to the refinery there.

In Energy, the completion of turbine installation at the Baltic Power offshore wind farm marked a major milestone. Poland’s first offshore wind project has entered the commissioning and testing phase, bringing the Group closer to putting a new source of clean energy into operation. ORLEN also continues to develop Poland’s electricity infrastructure. Around 240 MW of new renewable capacity has recently been connected to the grid, while upgrades to nearly 1,000 km of power lines are increasing the network’s capacity to carry electricity and connect further generation assets.

In Consumers & Products, ORLEN is breaking new ground in electric mobility. Alongside the A1 motorway, ORLEN Charge has opened Poland’s first public truck charging station using the Megawatt Charging System (MCS). With charging power of up to 1.5 MW, the station creates new opportunities to electrify long-haul road transport. ORLEN is also enhancing its customer offering through the ORLEN VITAY platform. A promotional campaign increased the number of active programme users by a further 300,000, highlighting the potential of digital services and an attractive offering in building lasting customer relationships.